Celebrating 20 Years
Raffa is proud to have served the investment and fiduciary needs of nonprofits and associations since 2005.
WHO WE ARE
By the numbers
Raffa’s services are focused on the nonprofit community. As of December 31, 2025, our team supported 174 nonprofit clients nationwide with an average nonprofit client size of approximately $7.8 million. As the numbers show, supporting nonprofit and association clients is not a segment of our business, but the primary focus of our firm.
In assets under management
nonprofit and association clients
nonprofit client retention rate over the past 10 years*
Disclosures: Data as of 12/31/2025. As of that date, Raffa provided investment management services to $1,698,115,468. For purposes of this advertisement, Client includes client relationships which include multiple distinct entities under common decision-making control. Clients who went out of business or spent down their reserves are not counted as terminated clients for purposes of calculating the retention rate. Clients whose organization was bought or consolidated by or with another organization are not counted as terminated clients for purposes of calculating the retention rate. Clients with whom Raffa initiated the termination of services with are not counted as terminated clients for purposes of calculating the retention rate. Including such clients results in a 10-year nonprofit client retention rate of 98.88%. This is not meant to be an endorsement or expression of opinion about Raffa Investment Advisers and therefore it is not known if clients approve or disapprove of the investment advisory services provided by Raffa Investment Advisers. The data used to determine client retention rates was compiled exclusively by Raffa Investment Advisers and has not been audited or verified by a third-party.
Our story
For decades prior to our formation, our leadership worked alongside nonprofit organizations and professional societies in the areas of audit, tax, and financial oversight. Through that experience, we gained firsthand insight into the governance structures, fiduciary responsibilities, and financial realities unique to mission-driven institutions.
It became clear that nonprofit investment programs required a different approach — one grounded in transparency, disciplined policy alignment, and support for volunteer fiduciaries rather than complexity or short-term tactics. Raffa Investment Advisers was created to meet that need.
FIDUCIARY STANDARD
Our fiduciary approach is grounded in acting solely in your organization’s best interests and in alignment with the Investment Policy Statement. As a registered investment adviser, we accept fiduciary responsibility for providing objective advice, managing conflicts of interest, and maintaining a disciplined investment process. All recommendations are evaluated within the context the organization’s mission, financial objectives, risk tolerance, liquidity needs, and governance structure.
institutional strength
From our inception, we have partnered with the Institutional Division of Charles Schwab & Company, Inc. (Schwab) as our custodian of choice for client assets. This structure combines Raffa’s nonprofit-focused, governance-driven advice with the scale, security, and infrastructure of a leading global custodian in Schwab. Together, this partnership provides a strong foundation for fiduciary oversight, risk management, and long-term stewardship of client assets.
Commitment to Education
Board Education
Our team regularly partners with our clients to provide dedicated educational sessions separate from performance reviews on topics tailored to each client’s governance structure to support informed oversight and policy-aligned decision-making.
Study on Nonprofit Investing (SONI)
In 2012, we launched the Study on Nonprofit Investing (SONI), reinforcing our commitment to education, transparency, and peer benchmarking within the nonprofit community. In 2026, we relaunched SONI, eliminating the need for a client survey and growing the peer benchmarking tool to include data from over 380,000 nonprofit organizations.
Raffa Learning Community (RLC)
Our Raffa Learning Community was created in 2025 as a reflection of our belief in sharing knowledge across the broader nonprofit and association landscape. This learning community offers monthly educational webinars, often with CAE credits, that share insights from our team, nationally recognized speakers, and other industry experts. The goal of this community is to bring people together to learn from one another and build impactful connections while better serving the organizations we are each a part of.
OUR PURPOSE
We exist to provide disciplined, fiduciary investment management exclusively for nonprofit organizations and membership associations.
Our VALUES
Our firm’s roots are in effecting positive systemic change by empowering nonprofits and associations. We live that commitment today through our core values that shape our team and our clients’ experiences.
Excellence
Excellence
Education
Education
Well-being
Well-being
Our knowledgeable cross-functional team is committed to our clients receiving thoughtful, prompt support whenever they reach out. Our proactive client service model focuses on giving you the attention you deserve. Contact us today and get to know the team!
Our Team
Dennis P. Gogarty, CFP®, AIF®
President, Principal, Co-Founder
Joe Guest, CIMA®
Senior Portfolio Manager
Juliana Salamone, CFP®
Senior Portfolio Manager
Lauren Kidwell
Senior Marketing Manager
Mark P. Murphy, CFA
Chief Investment Officer
Matt O’lone, CIMA®
Portfolio Manager
Michelle Heery
Operations Associate
Ryan Frydenlund, CIMA®, CIPM
Director of Operations
Samantha Pnazek
Client Service Manager
Disclosures:
Raffa is an investment adviser firm registered with the U.S. Securities and Exchange Commission (SEC). Committed to providing comprehensive investment management services customized to reflect each client’s unique goals and investment preferences, we prioritize our clients’ best interests by acting as fiduciaries, offering transparent advice and personalized strategies for long-term financial wellness. For more information on our firm, please view our Form ADV Part 2 which can be found on the disclosures page of our website. The Form ADV Part 2 is the disclosure document that outlines material arrangements and business practices as well as how Raffa addresses conflicts of interest. Information pertaining to Raffa’s advisory operations, services, and fees is set forth in Raffa’s Form ADV Part 2. In addition to supporting nonprofit clients, Raffa also provides advisory services to qualified retirement plans and individual investors.
Schwab and Raffa are not affiliated companies. Schwab serves a third-party custodian and broker-dealer for Raffa client accounts. Additional information about Schwab is available on FINRA’s website at https://brokercheck.finra.org/firm/summary/5393. Additionally, Tom Raffa, Owner & Principal, is not involved in Raffa’s daily operations or investment advisory considerations. Tom is the founder and former CEO of Raffa, PC, a national consulting, accounting, and technology firm that specialized in serving nonprofits and purpose-drive businesses, established in 1984.